What is BLOCKCHAIN
The is a decentralized, distributed public immutable . Simply you can think it as a global online database that not belongs to anyone.
Satoshi Nakamoto the inventor of technology took the first step into this concept. Before that no one has ever heard anything about technology. Satoshi Nakamoto invented a solution for byzantine generals’ problem and latterly it was developed into technology by some other people.
In a network, every node keeps a copy of all the transaction data. All the nodes are connected to every node in a peer to peer fashion. If any node fails it is not a problem because all the other nodes contain all the transaction data. With the distribution of data, anyone can see and verify all the data set. That makes it very transparent and secure.
Ex: When an attacker attacks a node and change its data, then the network automatically compares data sets in all the other nodes and identify that node is attacked. Then within the network, it changes that node to its previous state automatically. (We can talk later about 51% attacks and all the other stuff related to it.)
Types of Blockchains
1. Public Blockchains
Anyone can join into the public blockchains. Most popular public Blockchains are and .
2. Private Blockchains
In private Blockchains, all the permissions are kept for one organization and information are private to that organization or company. The main reason to use a private is to keep their information hidden from others.
Ex: Multichain
3. Consortium Blockchains
Consortium blockchains are similar to private blockchains. This type of blockchains is mostly used among business organizations/groups. Like public , anyone who has an internet connection cannot access to a consortium .
Control over a consortium is usually granted to a group of approved individuals. With a consortium , the consensus process differs to the public . Instead of anyone being able to partake in the procedure, consensus participants of a consortium are a group of pre-approved nodes on the network.
Ex: Hyperledger, Corda
BLOCKS
The is one to another linked chain of blocks. In a network, the first block called as genesis block. There will be only one genesis block and after is initialized, that block will be the first block forever. Genesis block doesn’t contain a previous hash.
In a network, it uses hashing algorithms for data encryption and security of the blocks.
A block contains,
• Block number
• Nonce (this will be talked in block process)
• All the transaction details
• Previous Block Hash
• current Block Hash
Block hash contains 64 characters. It is calculated using transaction details and previous block hash. According to changes of transaction, data block is frequently changing its hash. One simple change leads to completely different block hash (it’s a characteristic of hashing algorithms).
There is a timeframe to generate a block. In the network, there is a new block created for every 15 seconds (changes slightly time to time). In network, it takes around 10–15 minutes.
bitcoin:
is a public network that uses bitcoins as it’s . It is the first digital currency as well as the first use case of technology. Without going to banks and other places you can transfer these digital currencies from one person to another. For those transactions, you have to maintain a digital in your computer or mobile phone. Through that digital , you can make transactions.
Actually, most of the organizations and people use to transfer funds, assets purchasing etc. It’s just doing business. It’s not a platform to create based projects and applications.
That’s where comes in. is a platform that can be used to create programs applications for your own needs.
ETHEREUM:
is a () network of computers. We use to create applications. has its own , which are called as ETHERS.
There are many different networks, but there is only one main network. That is the Public network. Everyone uses it for deployment of their production applications.
Other networks can be classified in to test networks and private networks. You can create your own private network. We use test networks to test our application before we deploy it to the main network.
Each node is a machine running an client. That machine can be desktop, laptop or any kind of computer. All those nodes connected to form a network. Actually, in those and networks, there are millions of nodes.
Every node in the network contains a full copy of in other words a node contains every single block that created from the initialization of the genesis block.
Ways of Connecting to the Network:
Developers create applications and connect to the network through code by using libraries like web3.js, web3j etc.
For people who have no programming experience can use chrome extension like Metamask, Mist browser or other wallets to interact with the network.
Metamask:
Metamask is a chrome extension to ease the process of interacting with the world. After installing it we can use it as our digital . It is a coin-based collection of accounts which contains our real and dummy ethers. Using it we can connect to the main network, test networks or our private local node.
To connect to the main network, we have to purchase ethers because every transaction that takes place in the main network costs ethers. But for development purposes we can get dummy ethers from faucets and use those on test networks like Rinkeby, Ropstan etc. Metamask knows how to manage and when to use real or dummy ethers.
When we are creating our metamask , they give us a mnemonic. It is a 12 word phrase which identifies our every account in metamask.
Mnemonic example : Candy Mapple Cream Suger Honey Pudiing Cake Rich Crumble Sweet Treat Smooth
For every account in metamask, has a unique address. It’s like your email address. It is using to identify who you are. That address consists of hexadecimal numbers. Metamask handles all our accounts private keys and public keys.
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Published at Sat, 16 Mar 2019 23:13:38 +0000
